Question

on. 2. Record the following transactions for ABC Basketball Training, LLC: 35 12/1 Sell shares of common stock for $50,000 to obtain the funds to start the business. 12/1 Borrow $25,000 from the local bank and sign a note promissing to pay in four years. 12/1 Purchase equipment necessary for giving basketball training for $30,000. 38 12/1 Pay one year of rent in advance, $12,000 ($1,000 per month). 12/6 Purchase supplies on account, $1,300. 12/12 Provide basketball training to customers for cash, $5,500. 12/17 Provide basketball training to customers on account, $2,750. 12/23 Receive cash in advance for 12 training sessions to be given in the future, $1,200 12/28 Pay salaries to employees, $2,700. 12/30 Pay cash dividends of $500 to shareholders. 43 Journal entries Cash Date Accounts Debit Credit DR CR 12/1 49 5012/1 44 Supplies Accounts receivable DR - DR 52 12/1 Accounts payable Prepaid rent DR CR 54 12/1 Equipment DR CR DR 12/6 58 12/12 Deferred revenue DR CR Notes payable DR Common stock DR CR _ CR 12/17 12/23 Dividends DR CR Revenue DR CR Expenses DR CR 12/28 12/30 Total debits: Total credits: Total debits: Total credits: 70 II

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Journal Entries Dat Coredit ($) Debik Accounts TiHe So000 Cash Soo00 To commDH Stock CTO roCOrd @ Pssele of common stocA) 18/1 Cash - To basa doa (To srecoad bosowing fro1o local bank). a5000 votes, payabble 25000 18/1 Equipment To caeb (To Secoad pusihase of equipment) 30000 30000 13/1 Prepard sent 1ఇంరం To cash (To 90coad sent foa la monthe) ఇం0 paytrent of

Page tab Supplies 1300 To Accounts payable (To Secord puehase f supplies) 1300 Cash To Reveneue (To Srocord basket ball trairing sovenue) 5500 /5500 ta/17 Accounte Seacezuable To Rovenue (To ecord basketball Devenue on accound) 2750 2750 12/23 Cash 1200 To dafjorad svenue (To recoad aduanco ovenue Srecoipt) 1200 sevenue )28 Saba Expenses To cash (To sewad papment of Salri es) 2700

Dividends Retained easfirgs To cast (To recoad aymend of 500 12/30 500 div) 18/31 Expensy 1000 2000 To aid rend poop 10 Sent experses CTo recond tor the montt Ledgess Casb 30000 To comman stock Prepaid rentE 12000 2700 Sంobb Noter payabba5000 Fostrack 500 Dividende Revenue Rovenue 5500 39250 Balance 2750 felfered aau 1a00 84450 84950

Date Paga Acounts Rocoivabl 2750 Balase Revenue 2750 2750 2750 Supplies Accounts payabe 1200 1300 Balance 1300 1300 Bsepaid Ront la000 Expensee 1000 Cash Balance H000 12000 12000 Equipment 30000 30000 Balance Cash 30000 30000

Account payable 1200 Supplies Ralance 1300 1300 1300 Lel fesred Rovenue Balanie 1200 Cash 1200 1200 1200 Notes payable Ralance 25000 Cash a 5000 25000 25000 Common Stodf Balanu Cash. S0000 50000 Soo00 S0000 Đividands Cash 500 Balane

Page Rovenue Cast Account Roc 2750 5500 8250 8250 Balanle 8250 Expenses Balase 3700 cash 2700 Poopaid ent 1000 3700 3700